PREIT, a real estate firm which owns the Willow Grove Park Mall, recently saw seven of its nine board members tender unofficial resignations due to a lack of shareholder votes.

PREIT has nearly $1 billion of debt coming due at the end of the year, according to The Philadelphia Business Journal.

The board will accept or reject the resignations within 90 days. Trustees will absolve themselves from participating in the decision regarding his or her resignation offer.

The seven resigning board members are Chairman and CEO Joseph Coradino, Temple University Interim President JoAnne Epps, George Alburger, Michael DeMarco, Mark Pasquerilla, Charles Pizzi and John Roberts.

Hart Capital Management Principal Kenneth Hart and Atlanta-based Cygnus Capital CEO Christopher Swann received enough votes to stay afloat.

The company filed for Chapter 11 bankruptcy protection in November 2020, and in December 2022, the company was delisted from the New York Stock Exchange. In February 2023, the company announced that it plans to convert many of its properties to make way for the development of 7,000 apartments.

For the full story, you can read The Philadelphia Business Journal’s coverage here.

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Photo courtesy of PREIT